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saltyeti67
New Member

If I am an independent contractor in the state of GA and I make 30,000 a year, do I need to pay the state quarterly or when I file next year?

How do you know if you need to pay taxes quarterly vs. annually. I've been on the GA tax website but that only made me more confused. Do all independent contractors have to pay taxes quarterly in GA? How do you calculate how much you owe if so? 

5 Replies
DoninGA
Level 15

If I am an independent contractor in the state of GA and I make 30,000 a year, do I need to pay the state quarterly or when I file next year?

Have you read the instructions for when you should make a Georgia estimated tax payment using Georgia Form 500 ES - <a rel="nofollow" target="_blank" href="https://dor.georgia.gov/sites/dor.georgia.gov/files/related_files/document/TSD/Form/TSD_Estimated_Ta...>
saltyeti67
New Member

If I am an independent contractor in the state of GA and I make 30,000 a year, do I need to pay the state quarterly or when I file next year?

I have read that and like all things written by GADofR its super ambiguous. These are the people who are expected to pay quarterly:  "persons who reasonably expects to have gross income
during the year which exceeds: (1) personal exemption, plus (2) credit for
dependents, plus (3) estimated deductions, plus (4) $1,000 o f income
not subject to withholding"   I get number 4 but do you have to qualify for all of these conditions or just one? How do you exceed personal exemption? What is personal exemption? What part of my income is subject to withholding? I go looking for answers and only find 10 fold more questions.
DoninGA
Level 15

If I am an independent contractor in the state of GA and I make 30,000 a year, do I need to pay the state quarterly or when I file next year?

If your total income is greater than the combination of all 4.
Your personal exemption is based on your filing status - $2,700 if filing Single or Head of Household, $3,700 if filing Married Filing Jointly ($3,700x2) or Married Filing Separately.  Dependents - $3,000 for each dependent.  Estimated deductions would be any deduction from income as shown on the Georgia Form 500 Schedule 1
saltyeti67
New Member

If I am an independent contractor in the state of GA and I make 30,000 a year, do I need to pay the state quarterly or when I file next year?

Hey thanks! Thats really clear. I appreciate it.
fanfare
Level 15

If I am an independent contractor in the state of GA and I make 30,000 a year, do I need to pay the state quarterly or when I file next year?

paying estimated taxes eases your tax burden by spreading payments, and ensures you won't be penalized.
Otherwise, If you have a lot of cash, you can pay it all on April 15th.
Are you new to GA ? To estimate your tax you must do a trial tax return.
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